Bitcoin price plunges below $43K in minutes in crypto market rout
Bitcoin (BTC) fell sharply as trading continued on Sept. 7 as a volatile day took BTC price action below $43,000 in one of the most volatile days of the year.
Whales blamed for major BTC sell-off
Data from Cointelegraph Markets Pro and TradingView captured the volatility as Bitcoin suddenly lost the psychological $50,000 level.
The move came just hours after analysts jointly agreed that BTC/USD must hold $50,000 in order to preserve bullish momentum.
One of them, Cointelegraph’s Michaël van de Poppe, highlighted $49,500 as the point of no return should it fail to stick as support. After that, he said, $44,000 could be next.
He subsequently noted that Bitcoin had closed the weekend’s CME futures gap.
At the time of writing, with prices still unstable, Bitcoin traded at around $46,700 — well below the desired minimum, having hit a floor of $47,200.
Trader and analyst Scott Melker, known as “The Wolf of All Streets,” blamed large-volume traders.
“Leave it to whales to dump Bitcoin on the day that El Salvador makes it legal tender,” he said.
“Real volume on the selling as well.”
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